21.07.2022

Making the ‘Connexion’

Technology continues to be an enabler of more efficient and cost-effective business models. The past few years have already clearly demonstrated how tech-savvy companies are thriving despite all challenges imposed by the market and environment – and this has only been accelerated by COVID-19.

In light of our current focus on technology, we wanted to share with you the efforts Texel is making to deliver better service to our clients and insurance partners, specifically around the development of Connexion, a proprietary workflow system that Texel is building. Our aim is to improve risk distribution by better connecting our clients, via our brokers, with (re)insurance companies in a number of ways whilst simultaneously maintaining the key interpersonal relationships we have with our valued stakeholders.

We outline key features below which we are looking forward to sharing in more detail soon:

1. Enquiry flow management

We are always trying to improve our turn-around times for Non-Binding Indications (“NBIs”) as well as improving the quality of the feedback we receive from insurers. We are working on ways to efficiently capture structured data on enquiry flow that will allow our clients and insurance partners to monitor and visualise their transactional relationship with Texel on an ongoing basis in a confidential manner. Over time this will allow us to share comprehensive data points highlighting market responses to different deal structures, countries and risk appetite. We hope that such analysis will be welcomed and will become a key part of our service offering.

2. Binding Policies and Enforceability

Connexion has been accredited by Lloyd’s of London for the placement of credit and political risk transactions. To ensure all executed policies and endorsements are complete, accurate and legally enforceable, Connexion is fully integrated with DocuSign®. This not only helps us provide real-time updates to our clients about the binding process, but also ensures that all our documents are legally enforceable in more than 180 countries. For more information about DocuSign® enforceability please read here.

3. Insured Portfolio Management

Connexion enables us to clearly and swiftly provide our clients and insurance partners with powerful and targeted data on their insured portfolio, both current and historic. The information will be laid out in an intuitive format, with adaptable filters for data points such as, deal type, location and counterparty. At the click of a button clients and insurance partners will be able to access real time information such as their insured transactions, upcoming premium payments and analysis on individual insurer/client relationships. Not only will this help clients better understand their insured portfolio, but it will also allow Texel’s brokers to provide more granular information to insurers in order to achieve better underwriting outcomes. Combined with the data on enquiry flow, we will be able to track and analyse client hit ratios and underwriter responses where the flow of information we hope will help all parties grow their interactions in an efficient manner.

What’s next?

At Texel we strongly believe in progress and we are working on several more updates to further improve our services to our clients and insurance partners, such as machine learning which will help support the broking process and reduce response times.

To find out more about Connexion, please contact any member of our Broking team.